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Algeria extends gas deal with Portugal for 10 years

Christian Fernsby ▼ | June 12, 2019
Algerian energy giant Sonatrach and Portugal's energy company Galp on Tuesday signed an agreement to extend Algerian gas exports to Portugal for 10 additional years, Sonatrach said in a statement.
African businesses   Sonatrach
In accordance with this agreement, the North African nation would supply the Portuguese market with 2.5 billion cubic meters of natural gas annually for 10 more years.

Algeria and Portugal signed a partnership agreement in 1994, which has been extended every 10 years, confirming Sonatrach's position as a major gas supplier to Portugal, according to the statement.

On May 16, Sonatrach signed an agreement with Italy's energy giant ENI to extend Algerian gas exports to Italy for 10 years.

Algeria produces 130 billion cubic meters of natural gas annually, of which 50 billion cubic meters is exported.

This oil-rich country also caters for 14 percent of EU countries' natural gas needs.